As a company, Apple is firing on all cylinders. It pulled in record revenue from iPhone, Wearables and Services during its most-recent financial quarter. And there was healthy growth in Mac and iPad revenue too.
Total quarterly revenue hit 111.4 billion, up 21% year over year. This is the first time Cupertino broke $100 billion, a milestone few companies reach.
Working and schooling from home has led to a rush of computer purchases, to Apple’s benefit. The Mac-maker is set to reveal the results of its most-recent financial quarter on Wednesday, and analysts predict quarterly revenue will break through the $100 billion mark for the first time.
Weak iPhone sales likely pulled down Apple earnings in its last financial quarter. But the COVID-19 pandemic almost certainly pushed up demand for iPad and Mac. Still, total revenue is expected to be down slightly.
We’ll find out for sure Thursday when Cupertino announces its financial results from the July-through-September period.
People around the world turned to Apple products at the beginning of the COVID-19 crisis. And the result was an 11% increase in Apple revenue during the June quarter. Some products contributed to that growth more than others.
The pandemic sent people buying Mac and iPad in huge numbers. But it hurt handset sales, despite a relatively strong launch for the iPhone SE. And Apple services experienced something of an off quarter, too.
Apple took in $59.7 billion in revenue last quarter, an annual increase of 11%. That solidly beats the estimates of analysts, who predicted a drop in revenue as the iPhone-maker, and the rest of the world, grappled with the COVID-19 pandemic.
Very strong increases in revenue from Mac and iPad significantly pushed up the total.
When Apple reports its fiscal third-quarter earnings Thursday, the world will learn how the company is doing in the middle of a global pandemic.
Analysts predict a drop in revenue. But Apple itself previously said it’s seeing an increase in Mac and iPad sales. And investors have pushed the stock up almost 30% this year.
Apple reports its fiscal second-quarter earnings results Thursday afternoon, and chances are good that Cupertino will be glad to see the first three months of 2020 fade into history.
Having said that, things might not be as bad as many expect due to the ongoing COVID-19 pandemic. Oh, there won’t be any record-breaking figures, but there are some pretty good indicators that the news won’t be all doom and gloom.
As is always the case, though, the devil will be in the details. Apple’s conference call after issuing its Q2 2020 earnings report will be even more interesting than the numbers themselves.
Investors won’t get their first glimpse at just how badly the COVID-19 pandemic hurt Apple’s business until the very end of April.
April revealed this afternoon that it will host a conference call with investors on Thursday, April 30, at 2 p.m. Pacific. The company said in February that it expects revenues to come in lower than its guidance due to the coronavirus outbreak that shut down Apple’s stores and production pipeline during the quarter.
Apple’s first-quarter results have triggered confidence among analysts that the future of the company is stronger than ever on the back of the iPhone.
Wall Street analysts began reporting Wednesday their thoughts on the tech giant – everything from strong sales growth in China, to rumors of a new low-cost iPhone to a 5G-ready mobile later this year.
